iOS hacker pod2G updated his blog this morning with a new video demonstrating an untethered jailbreak on an iPhone 4S running iOS 5.0.1, suggesting that work is nearly completed on the jailbreak, and that it should see a public release soon.
The video demonstrates rebooting the device to show that the jailbreak is untethered, as well as clearly demonstrating that the device is indeed an iPhone 4. Since the iPhone 4S and iPad 2 both use the same A5 processor, this jailbreak is expected to work on the iPad 2 as well.
This marks the first time that devices running Apple’s A5 processor have been successfully jailbroken, and a public release of this jailbreak would allow the iPad 2 to be jailbroken for basically the first time since its release 10 months ago (the iPad 2 was briefly jailbroken running iOS 4.3.x through JailbreakMe).